Cryptex Fraud Warning: BaFin Targets MLM Crypto Scam
On July 4, 2025, Germany’s Federal Financial Supervisory Authority (BaFin) issued a fraud warning against Cryptex for offering unlicensed crypto-asset services, specifically DeFi staking, via cryptex-vip.com. Operating without BaFin authorization, Cryptex violates German financial law, constituting securities fraud.
MLM Ponzi Scheme with European Ties
Cryptex is identified as an MLM crypto Ponzi, promising rewards for staking cryptocurrencies, with early targeting of Germany and Austria. Despite cryptex-vip.com claiming it is not cryptex.to both share identical branding and marketing, revealing a unified scam. BaFin’s warning dismisses this ruse, flagging the scheme’s deceptive tactics.
Multi-Country Regulatory Action
Austria issued a similar Cryptex fraud warning in April 2025. SimilarWeb data for June 2025 shows Cryptex website traffic down 41% month-on-month, with the U.S. (31%, down 15%), Switzerland (12%, down 27%), Germany (10%), Australia (10%), and France (9%) as top sources. While U.S. and Swiss recruitment has collapsed, Cryptex appears to be targeting new victims in Germany, Australia, and France.
Investor Alert: Avoid Cryptex
BaFin urges investors to avoid Cryptex, citing its lack of licensing and Ponzi characteristics. Social media posts warn of fake “tax” fees to block withdrawals, a common scam tactic. Investors are advised to check BaFin’s company database and report suspicious activity to the authorities.